Hub Acquires Bush, Cotton & Scott
NU Online News Service, April 28, 11:25 a.m. EDT? Hub International Limited said it has acquired Bush, Cotton & Scott, LLC, based in Seattle. [@@]
Hub, based in Chicago, said it would pay an undisclosed combination of cash and Hub stock for BCS.
BCS is a major privately held construction specialist brokerage firm in the Northwest, with revenues of approximately $9 million.
Hub said it is naming BCS as Hub?s Pacific Northwest hub, the firm's 11th hub. Under the Hub model, BCS will provide insurance brokerage services and manage the various other Hub International offices in its territory.
The five owners of BCS?Steven K. Bush, chairman and chief executive officer; Michael Murphy, president; Dale Ahrens, James Doyle and Stephen Scott, all vice presidents?will continue to operate the new hub. Mr. Bush was named the operating CEO.
Martin P. Hughes, Hub's chairman and chief executive officer, said in a statement that the acquisition strengthens the firm in "a critical industry" and "advances our strategy to enter new geographic regions while broadening our product and service offerings to middle market businesses."
Larry Lineker, Hub's chief sales officer, added that acquisition would expand the firm's cross-border capabilities, especially in the construction sector in Western Canada.
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